To accelerate innovation-fueled job creation and global competitiveness, today the Obama Administration announced a $33 million Jobs and Innovation Accelerator Challenge, an unprecedented initiative to spur economic growth through public-private partnerships in at least 20 regions around the country.

The Challenge leverages existing resources from 16 federal agencies and will award funds to regions that demonstrate the existence of high-growth industries that support a wide range of economic and workforce development activities.

The Obama Administration is committed to smarter use of existing federal resources to foster regional innovation in support of sustainable economic prosperity. Strong industry clusters –like the Research Triangle in North Carolina or Silicon Valley in California – promote robust economic ecosystems and the development of a skilled workforce, both of which are critical to long-term regional success.

“Regional innovation clusters bring together the knowledge and financial resources that America needs to compete in the global economy,” said National Economic Council Director Gene Sperling.

“The Jobs and Innovation Accelerator Challenge will help regional innovation clusters produce the next generation of innovative products and drive sustainable economic growth and job creation."

WASHINGTON, D.C. –